The Longmont City Council on Tuesday unanimously passed a $6.5 million economic development incentive package for the J.M. Smucker Company on first reading with virtually no discussion. Second reading on the package is set for Feb. 21.
City Manager Harold Dominguez praised city staff and Longmont Economic Development Partnership officials who hammered out the deal for a $340 million manufacturing facility for Smucker’s Uncrustables that will employee 500.
The deal that the council approved on first reading would give the J.M. Smucker Company approximately $6.5 million in rebates on taxes and permit fees in exchange for the company agreeing to build the facility on land that is in both Weld County and Longmont.
Smucker’s would have to pay its 500 new employees an average of $48,977 annually, which is 105 percent of the annual average wage in Weld County.
Staff anticipates that before the $6.5 million in rebates, the new facility will generate about $12.34 million in direct revenue to Longmont over 10 years. Additionally, the J.M. Smucker Company is receiving a Weld County economic development personal property tax rebate that will hold a value of about $2.4 million over 10 years.
